The changing landscape of the microfinance industry, which is characterized by a decline in donor funding, has reignited debates regarding the ability of microfinance institutions to serve the poor while remaining sustainable. In this study, we examined the relationship between outreach and sustainability in the context of sub-Saharan Africa (SSA) and analysed the determinants of sustainability using data from 71 microfinance institutions (MFIs) across 10 countries. By applying correlation analysis and fixed effects regression, we found mixed evidence of a trade-off between the depth of outreach and operational self-sustainability. Furthermore, the results show that interest rate is a major determinant for MFI sustainability, which is consistent with the institutionalist view. Factors that significantly influence the sustainability of MFIs in SSA are the average loan size as a percentage of gross national income, gross loan portfolio, portfolio at risk, operating expenses to assets ratio, governance effectiveness, and the interest rate on loans granted to clients. The study recommends that managers of MFIs and decision makers in the region closely monitor their cost-side variables and improve productivity by adopting measures such as information communication techniques that enhance outreach at low cost. In addition, stepping up monitoring and incentivizing hard working staff could help improve both deposit mobilization and loan recovery.

Adhikary, S. and Papachristou, G. (2014) ‘Is there a trade-off between financial performance and outreach in South Asian microfinance institutions?’ The Journal of Development Areas 48(4): 381–402 <http://dx.doi:10.1353/jda.2014.0081>.

Adongo, J. and Stork, C. (2005) Factors Influencing the Financial Sustainability of Selected Microfinance Institutions in Namibia, NEPRU Research Paper, No. 39, Windhoek, Namibia: Namibian Economic Policy Research Unit.

African Union (2009) ‘Advancing the African microfinance sector, follow-up to the African Microfinance Roadmap’, paper presented at the Extraordinary Conference of African Ministers of Economy and Finance, CAME, Addis Ababa, Ethiopia, December 2009.

Agier, I. and Szafarz, A. (2013) ‘Microfinance and gender: is there a glass ceiling on loan size?’ World Development 42: 165–81 <http://dx.doi.org/10.1016/j.worlddev.2012.06.016>.

Andy, T. (2004) ‘The nature and causes of poverty: an overview’, in A.E. Neiland and C. Bene (eds.), Poverty and Small Scale Fisheries in West Africa, pp. 9–36, Netherlands: Springer.

Annim, S.K. (2012) ‘Targeting the poor versus financial sustainability and external funding: evidence of microfinance institutions in Ghana’, Journal of Development Entrepreneurship 17(3) <http://dx.doi:10.1142/S1084946712500161>.

Armendáriz, de Aghion B. and Morduch, J. (2010) The Economics of Microfinance, Cambridge, MA: The MIT Press.

Ayayi, A.G. and Sene, M. (2010) ‘What drives microfinance institutions’ financial sustainability?’, The Journal of Development Areas 44(1): 303–24 <http://dx.doi.org/10.1353/jda.0.0093>.

Balkenhol, B. (2007) Microfinance and Public Policy: Outreach, Performance and Efficiency, Geneva: ILO.

Bhatt, N. and Tang, S.Y. (2001) ‘Delivering microfinance in developing countries: controversies and policy perspectives’, Policy Studies Journal 29(2): 319–33.

Boehe, D.M. and Cruz, L.B. (2013) ‘Gender and microfinance performance: why does the institutional context matter?’, World Development 47: 121–35.

Bogan, V.L. (2012) ‘Capital structure and sustainability: an empirical study of microfinance institutions’, The Review of Economics and Statistics 94(4): 1045–58 <http://dx.doi/suppl/10.1162/REST_a_00223>.

Brau, J.C. and Woller, G.M. (2004) ‘Microfinance: a comprehensive review of the existing literature’, Journal of Entrepreneurial Finance and Business Ventures 9(1): 1–26.

Brooks, C. (2008) Introductory Econometrics for Finance, 3rd edn, Cambridge, UK: Cambridge University Press.

Buckley, G. (1997) ‘Microfinance in Africa: is it either the problem or the solution?’ World Development 25(7): 1081–93 <https://doi.org/10.1016/S0305-750X(97)00022-3>.

Christen, R.P. (2001) Commercialization and Mission Drift: The Transformation of Microfinance in Latin America, Technical Report 5, Washington, DC: Consultative Group to Assist the Poor.

Christen, R.P. and McDonald, J. (eds.) (1997) The Microbanking Bulletin Vol. II, Boulder, CO: The Economics Institute.

Conning, J. (1999) ‘Outreach, sustainability and leverage in monitored and peer monitored lending’, Journal of Development Economics 60(1): 51–77.

Coperstake, J., Dawson, P., Fanning, J.P., Mckey, A. and Wright-Revolledo, K. (2005) ‘Monitoring the diversity of the poverty outreach and impact of microfinance: a comparison of methods using data from Peru’, Development Policy Review 23(6): 703–23.

Crawford, A., Skully, M. and Tripe, D. (2011) Are Profitable Microfinance Programs Less Efficient at Reaching the Poor? A Case Study in Cambodia [online], Microfinance Gateway, CGAP <https://www.microfinancegateway.org/library/are-profitable-microfinance-programs-less-efficient-reaching-poor-case-study-cambodia> [accessed 12 September 2014].

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading micro banks’, Economic Journal 117: 107–33.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009) Does Regulatory Supervision Curtail Microfinance Profitability and Outreach? Washington, DC: World Bank.

De Haan, L. and Lakwo, A. (2010) ‘Rethinking the impact of microfinance in Africa: business change or social enterprise’, European Journal of Development Research 22(4): 529–45 <http://dx.doi:10.1075/ejdr.2010.32>.

D’Espallier, B., Guérin, I. and Mersland, R. (2011) ‘Women and repayment in microfinance: a global analysis’, World Development 39(5): 758–72 <http://dx.doi.org/10.1016/j.worlddev.2010.10.008>.

Ditcher, T. (1997) Appeasing the Gods of Sustainability: The Future of International NGOs in Microfinance, New York: St Martin’s Press.

Esperança, J.P., Gama, A.P.M. and Gulamhussen, M.A. (2003) ‘Corporate debt policy of small firms: an empirical re-examination’, Journal of Small Business and Enterprise Development 10(62): 62–80.

Fama, E. and French, K. (2002) ‘Testing trade-off and pecking order predictions about dividends and debts’, Review of Financial Studies 15(1): 1–33.

Galema, R. and Lensink, R. (2009) Microfinance Commercialization: Financially and Socially Optimal Investments, Working Paper, University of Groningen.

Gibbons, D. and Meehan, J. (2000) The Microcredit Summit’s Challenge: Working Towards Institutional Financial Self-Sufficiency while Maintaining a Commitment to Serving the Poorest Families, Mirzapur, India: CASHPOR Financial & Technical Services.

Green, H.W. (2003) Econometric Analysis, 5th edn, Upper Saddle River, NJ: Pearson Education International.

Hashemi, S. and Rosenberg, R. (2006) Graduating the Poor into Microfinance: Linking Safety Nets and Financial Services, Focus Note No. 34, Washington, DC: CGAP.

Hermes, N. and Lensink, R. (2007) ‘The empirics of microfinance: what do we know?’ The Economic Journal 117(517): F1–F10.

Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39(6): 938–48 <http://dx.doi:10.1016/j.worldev.2009.10.018>.

Hollis, A. and Sweetman, A. (1998) ‘Microcredit: what can we learn from the past?’ World Development 26: 1875–91.

Hollis, A. and Sweetman, A. (2001) ‘The life cycle of a microfinance institution: the Irish loan funds’, Journal of Economic Behaviour and Organization 46: 291–311.

Hudon, M. and Traca, D. (2011) ‘On the efficiency effects of subsidies in microfinance: an empirical enquiry’, World Development 39(6): 996–73 <http://dx.doi.10.1016/j.worlddev.2009.10.017>.

Hulme, D. and Mosley, P. (1996) Finance Against Poverty, vol. 1, New York: Routledge, pp. 16–26.

Hurwitz, I. and Luiz, J. (2007) ‘Urban working class credit usage and over-indebtedness in South Africa’, Journal of South African Studies 33(1): 107–31 <http://dx.doi/abs/10.1080/03057070601136616>.

Isern, J. and Porteous, D. (2005) Commercial Banks and Microfinance: Evolving Models for Success, Focus Note No. 28, Washington, DC: CGAP.

Kar, A.K. (2013) ‘Mission drift in microfinance: are the concerns really worrying? Recent cross country results’, International Review of Applied Economics 27(1): 44–60 <http://dx.doi.org/10.1080/02692171.2012.700701>.

Khandker, S.R. and Khalily, B. (1996) The Bangladesh Rural Advancement Committee’s Credit Programs: Performance and Sustainability, World Bank Discussion Paper No. 324, Washington, DC: World Bank.

Kipesha, E.F. and Zhang, X. (2013) ‘Sustainability, profitability and outreach trade-off: evidence from microfinance institutions in East Africa’, European Journal of Business and Management 5(8): 2,222–839.

Kosmidou, K. (2008) ‘The determinants of bank profits in Greece during the period of EU financial integration’, Managerial Finance 34(3): 146–59.

Lapenu, C. and Zeller, M. (2001) Distribution, Growth and Performance of Microfinance Institutions in Africa, Asia and Latin America, FCND Discussion Paper No. 114, Washington, DC, International Food Policy Research Institute (IFPRI).

Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: World Bank.

Makame, A.H. and Murinde, V. (2006) ‘Empirical findings on cognitive dissonance around microfinance outreach and sustainability’, unpublished paper, Birmingham, UK: University of Birmingham.

Makombe, I., Temba, E. and Kihombo, A. (2005) ‘Microcredit and women’s empowerment: evidence from the credit schemes for productive activities of women in Tanzania’, in V. Menon, P.R. Nair Gopinathan, and K.N. Noida (eds.), Alleviating Poverty: Case Studies of Local Level Linkages and Processes in Developing World, Kochi, India: Rainbow Publishers.

Mersland, R. and Strøm, R.Ø. (2009) ‘Performance and governance in microfinance institutions’, Journal of Banking and Finance 33(3): 662–9.

Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift’, World Development 38(1): 28–36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006>.

MIX (2010) Is Microfinance Growing too Fast? [pdf], MIX Data Brief No. 5 <https://www.themix.org/sites/default/files/publications/MIX%20Data%20Brief%205%20-%20Is%20microfinance%20growing%20too%20fast_0.pdf> [accessed 2 May 2017].

MIX and CGAP (2012) Sub-Saharan Africa Snapshot, February 2012.

Montgomery, H. and Weiss, J. (2005) Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America, ADB Institute Research Paper No 63, Tokyo: Asian Development Bank Institute.

Morduch, J. (1998) Does Microfinance Really Help the Poor? Evidence from Flagship Programs in Bangladesh, Washington, DC: World Bank.

Morduch, J. (1999) ‘The role of subsidies in microfinance: evidence from the Grameen Bank’, Journal of Development Economics 60(1): 229–48.

Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617–29.

Mori, N., Golesorkhi, S., Randoy, T. and Hermes, N. (2015) ‘Board composition and outreach performance of microfinance institutions: evidence from East Africa’, Strategic Change 24: 99–113.

Mundlak, Y. (1961) ‘Empirical production function free of management bias’, Journal of Farm Economics 43: 44–56.

Nyamsogoro, G. (2010) ‘Microfinance institutions in Tanzania: a review of growth and performance trends’, The Accountant Journal 26(3): 3–16.

Okumu, L.J. (2007) The Microfinance Industry in Uganda: Sustainability, Outreach and Regulation, PhD dissertation, University of Stellenbosch, South Africa.

Olivares-Polanco, F. (2005) ‘Commercialising microfinance and deepening outreach: empirical evidence from Latin America’, Journal of Microfinance 7: 47–69.

Otero, M. (1999) ‘Bringing development back into microfinance’, Journal of Microfinance 1(1): 8–19.

Otero, M. and Rhyne, E. (1994) The New World of Microenterprise Finance, Hartford, CT: Kumarian Press.

Quayes, S. (2012) ‘Depth of outreach and financial sustainability of microfinance institutions’, Applied Economics 44(26): 3,421–33 <http://dx.doi:10:1080/00036846.2011.577016>.

Rajan, R. and Zingale, L. (1995) ‘What do we know about capital structure? Some evidence from international data’, Journal of Finance 50: 1,421–60.

Robert, P. (2013) ‘The profit orientation of microfinance institutions and effective interest rates’, World Development 41: 120–31.

Robinson, M.S. (2001) The Microfinance Revolution: Sustainable Finance for the Poor, Washington, DC: World Bank and the Open Society Institute.

Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? Occasional Paper 15, Washington, DC: CGAP.

Schicks, J. (2013) ‘The sacrifices of micro-borrowers in Ghana: a consumer protection perspective on measuring over-indebtedness’, Journal of Development Studies 49(9): 1,238–55 <http://dx.doi.org/10.1080/00220388.2013.775421>.

Schreiner, M. (2000) ‘Credit scoring for microfinance: can it work?’ Journal of Microfinance 2: 105–18.

Tehelu, T.A. (2013) ‘Determinants of financial sustainability of microfinance institutions in East Africa’, European Journal of Business and Management 5(17): 2,222–839.

Tucker, M. and Miles, G. (2004) ‘Financial performance of selected microfinance institutions: benchmarking progress to sustainability’, Journal of Microfinance 3(2): 41–54.

Wallace, T.D. and Hussain, A. (1969) ‘The use of error components models in combining cross-section and time series data’, Econometrica 37: 55–72.

World Bank (2008) Finance for All? Policies and Pitfalls in Expanding, Washington, DC: World Bank.

Zerai, B. and Rani, L. (2011) ‘Is there a trade-off between outreach and sustainability of microfinance institutions? Evidence from Indian microfinance institutions’, Research Journal of Finance and Accounting 2(11): 2,222–847.

Adhikary, S. and Papachristou, G. (2014) ‘Is there a trade-off between financial performance and outreach in South Asian microfinance institutions?’ The Journal of Development Areas 48(4): 381–402 <http://dx.doi:10.1353/jda.2014.0081>.

Adongo, J. and Stork, C. (2005) Factors Influencing the Financial Sustainability of Selected Microfinance Institutions in Namibia, NEPRU Research Paper, No. 39, Windhoek, Namibia: Namibian Economic Policy Research Unit.

African Union (2009) ‘Advancing the African microfinance sector, follow-up to the African Microfinance Roadmap’, paper presented at the Extraordinary Conference of African Ministers of Economy and Finance, CAME, Addis Ababa, Ethiopia, December 2009.

Agier, I. and Szafarz, A. (2013) ‘Microfinance and gender: is there a glass ceiling on loan size?’ World Development 42: 165–81 <http://dx.doi.org/10.1016/j.worlddev.2012.06.016>.

Andy, T. (2004) ‘The nature and causes of poverty: an overview’, in A.E. Neiland and C. Bene (eds.), Poverty and Small Scale Fisheries in West Africa, pp. 9–36, Netherlands: Springer.

Annim, S.K. (2012) ‘Targeting the poor versus financial sustainability and external funding: evidence of microfinance institutions in Ghana’, Journal of Development Entrepreneurship 17(3) <http://dx.doi:10.1142/S1084946712500161>.

Armendáriz, de Aghion B. and Morduch, J. (2010) The Economics of Microfinance, Cambridge, MA: The MIT Press.

Ayayi, A.G. and Sene, M. (2010) ‘What drives microfinance institutions’ financial sustainability?’, The Journal of Development Areas 44(1): 303–24 <http://dx.doi.org/10.1353/jda.0.0093>.

Balkenhol, B. (2007) Microfinance and Public Policy: Outreach, Performance and Efficiency, Geneva: ILO.

Bhatt, N. and Tang, S.Y. (2001) ‘Delivering microfinance in developing countries: controversies and policy perspectives’, Policy Studies Journal 29(2): 319–33.

Boehe, D.M. and Cruz, L.B. (2013) ‘Gender and microfinance performance: why does the institutional context matter?’, World Development 47: 121–35.

Bogan, V.L. (2012) ‘Capital structure and sustainability: an empirical study of microfinance institutions’, The Review of Economics and Statistics 94(4): 1045–58 <http://dx.doi/suppl/10.1162/REST_a_00223>.

Brau, J.C. and Woller, G.M. (2004) ‘Microfinance: a comprehensive review of the existing literature’, Journal of Entrepreneurial Finance and Business Ventures 9(1): 1–26.

Brooks, C. (2008) Introductory Econometrics for Finance, 3rd edn, Cambridge, UK: Cambridge University Press.

Buckley, G. (1997) ‘Microfinance in Africa: is it either the problem or the solution?’ World Development 25(7): 1081–93 <https://doi.org/10.1016/S0305-750X(97)00022-3>.

Christen, R.P. (2001) Commercialization and Mission Drift: The Transformation of Microfinance in Latin America, Technical Report 5, Washington, DC: Consultative Group to Assist the Poor.

Christen, R.P. and McDonald, J. (eds.) (1997) The Microbanking Bulletin Vol. II, Boulder, CO: The Economics Institute.

Conning, J. (1999) ‘Outreach, sustainability and leverage in monitored and peer monitored lending’, Journal of Development Economics 60(1): 51–77.

Coperstake, J., Dawson, P., Fanning, J.P., Mckey, A. and Wright-Revolledo, K. (2005) ‘Monitoring the diversity of the poverty outreach and impact of microfinance: a comparison of methods using data from Peru’, Development Policy Review 23(6): 703–23.

Crawford, A., Skully, M. and Tripe, D. (2011) Are Profitable Microfinance Programs Less Efficient at Reaching the Poor? A Case Study in Cambodia [online], Microfinance Gateway, CGAP <https://www.microfinancegateway.org/library/are-profitable-microfinance-programs-less-efficient-reaching-poor-case-study-cambodia> [accessed 12 September 2014].

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading micro banks’, Economic Journal 117: 107–33.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009) Does Regulatory Supervision Curtail Microfinance Profitability and Outreach? Washington, DC: World Bank.

De Haan, L. and Lakwo, A. (2010) ‘Rethinking the impact of microfinance in Africa: business change or social enterprise’, European Journal of Development Research 22(4): 529–45 <http://dx.doi:10.1075/ejdr.2010.32>.

D’Espallier, B., Guérin, I. and Mersland, R. (2011) ‘Women and repayment in microfinance: a global analysis’, World Development 39(5): 758–72 <http://dx.doi.org/10.1016/j.worlddev.2010.10.008>.

Ditcher, T. (1997) Appeasing the Gods of Sustainability: The Future of International NGOs in Microfinance, New York: St Martin’s Press.

Esperança, J.P., Gama, A.P.M. and Gulamhussen, M.A. (2003) ‘Corporate debt policy of small firms: an empirical re-examination’, Journal of Small Business and Enterprise Development 10(62): 62–80.

Fama, E. and French, K. (2002) ‘Testing trade-off and pecking order predictions about dividends and debts’, Review of Financial Studies 15(1): 1–33.

Galema, R. and Lensink, R. (2009) Microfinance Commercialization: Financially and Socially Optimal Investments, Working Paper, University of Groningen.

Gibbons, D. and Meehan, J. (2000) The Microcredit Summit’s Challenge: Working Towards Institutional Financial Self-Sufficiency while Maintaining a Commitment to Serving the Poorest Families, Mirzapur, India: CASHPOR Financial & Technical Services.

Green, H.W. (2003) Econometric Analysis, 5th edn, Upper Saddle River, NJ: Pearson Education International.

Hashemi, S. and Rosenberg, R. (2006) Graduating the Poor into Microfinance: Linking Safety Nets and Financial Services, Focus Note No. 34, Washington, DC: CGAP.

Hermes, N. and Lensink, R. (2007) ‘The empirics of microfinance: what do we know?’ The Economic Journal 117(517): F1–F10.

Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39(6): 938–48 <http://dx.doi:10.1016/j.worldev.2009.10.018>.

Hollis, A. and Sweetman, A. (1998) ‘Microcredit: what can we learn from the past?’ World Development 26: 1875–91.

Hollis, A. and Sweetman, A. (2001) ‘The life cycle of a microfinance institution: the Irish loan funds’, Journal of Economic Behaviour and Organization 46: 291–311.

Hudon, M. and Traca, D. (2011) ‘On the efficiency effects of subsidies in microfinance: an empirical enquiry’, World Development 39(6): 996–73 <http://dx.doi.10.1016/j.worlddev.2009.10.017>.

Hulme, D. and Mosley, P. (1996) Finance Against Poverty, vol. 1, New York: Routledge, pp. 16–26.

Hurwitz, I. and Luiz, J. (2007) ‘Urban working class credit usage and over-indebtedness in South Africa’, Journal of South African Studies 33(1): 107–31 <http://dx.doi/abs/10.1080/03057070601136616>.

Isern, J. and Porteous, D. (2005) Commercial Banks and Microfinance: Evolving Models for Success, Focus Note No. 28, Washington, DC: CGAP.

Kar, A.K. (2013) ‘Mission drift in microfinance: are the concerns really worrying? Recent cross country results’, International Review of Applied Economics 27(1): 44–60 <http://dx.doi.org/10.1080/02692171.2012.700701>.

Khandker, S.R. and Khalily, B. (1996) The Bangladesh Rural Advancement Committee’s Credit Programs: Performance and Sustainability, World Bank Discussion Paper No. 324, Washington, DC: World Bank.

Kipesha, E.F. and Zhang, X. (2013) ‘Sustainability, profitability and outreach trade-off: evidence from microfinance institutions in East Africa’, European Journal of Business and Management 5(8): 2,222–839.

Kosmidou, K. (2008) ‘The determinants of bank profits in Greece during the period of EU financial integration’, Managerial Finance 34(3): 146–59.

Lapenu, C. and Zeller, M. (2001) Distribution, Growth and Performance of Microfinance Institutions in Africa, Asia and Latin America, FCND Discussion Paper No. 114, Washington, DC, International Food Policy Research Institute (IFPRI).

Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: World Bank.

Makame, A.H. and Murinde, V. (2006) ‘Empirical findings on cognitive dissonance around microfinance outreach and sustainability’, unpublished paper, Birmingham, UK: University of Birmingham.

Makombe, I., Temba, E. and Kihombo, A. (2005) ‘Microcredit and women’s empowerment: evidence from the credit schemes for productive activities of women in Tanzania’, in V. Menon, P.R. Nair Gopinathan, and K.N. Noida (eds.), Alleviating Poverty: Case Studies of Local Level Linkages and Processes in Developing World, Kochi, India: Rainbow Publishers.

Mersland, R. and Strøm, R.Ø. (2009) ‘Performance and governance in microfinance institutions’, Journal of Banking and Finance 33(3): 662–9.

Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift’, World Development 38(1): 28–36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006>.

MIX (2010) Is Microfinance Growing too Fast? [pdf], MIX Data Brief No. 5 <https://www.themix.org/sites/default/files/publications/MIX%20Data%20Brief%205%20-%20Is%20microfinance%20growing%20too%20fast_0.pdf> [accessed 2 May 2017].

MIX and CGAP (2012) Sub-Saharan Africa Snapshot, February 2012.

Montgomery, H. and Weiss, J. (2005) Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America, ADB Institute Research Paper No 63, Tokyo: Asian Development Bank Institute.

Morduch, J. (1998) Does Microfinance Really Help the Poor? Evidence from Flagship Programs in Bangladesh, Washington, DC: World Bank.

Morduch, J. (1999) ‘The role of subsidies in microfinance: evidence from the Grameen Bank’, Journal of Development Economics 60(1): 229–48.

Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617–29.

Mori, N., Golesorkhi, S., Randoy, T. and Hermes, N. (2015) ‘Board composition and outreach performance of microfinance institutions: evidence from East Africa’, Strategic Change 24: 99–113.

Mundlak, Y. (1961) ‘Empirical production function free of management bias’, Journal of Farm Economics 43: 44–56.

Nyamsogoro, G. (2010) ‘Microfinance institutions in Tanzania: a review of growth and performance trends’, The Accountant Journal 26(3): 3–16.

Okumu, L.J. (2007) The Microfinance Industry in Uganda: Sustainability, Outreach and Regulation, PhD dissertation, University of Stellenbosch, South Africa.

Olivares-Polanco, F. (2005) ‘Commercialising microfinance and deepening outreach: empirical evidence from Latin America’, Journal of Microfinance 7: 47–69.

Otero, M. (1999) ‘Bringing development back into microfinance’, Journal of Microfinance 1(1): 8–19.

Otero, M. and Rhyne, E. (1994) The New World of Microenterprise Finance, Hartford, CT: Kumarian Press.

Quayes, S. (2012) ‘Depth of outreach and financial sustainability of microfinance institutions’, Applied Economics 44(26): 3,421–33 <http://dx.doi:10:1080/00036846.2011.577016>.

Rajan, R. and Zingale, L. (1995) ‘What do we know about capital structure? Some evidence from international data’, Journal of Finance 50: 1,421–60.

Robert, P. (2013) ‘The profit orientation of microfinance institutions and effective interest rates’, World Development 41: 120–31.

Robinson, M.S. (2001) The Microfinance Revolution: Sustainable Finance for the Poor, Washington, DC: World Bank and the Open Society Institute.

Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? Occasional Paper 15, Washington, DC: CGAP.

Schicks, J. (2013) ‘The sacrifices of micro-borrowers in Ghana: a consumer protection perspective on measuring over-indebtedness’, Journal of Development Studies 49(9): 1,238–55 <http://dx.doi.org/10.1080/00220388.2013.775421>.

Schreiner, M. (2000) ‘Credit scoring for microfinance: can it work?’ Journal of Microfinance 2: 105–18.

Tehelu, T.A. (2013) ‘Determinants of financial sustainability of microfinance institutions in East Africa’, European Journal of Business and Management 5(17): 2,222–839.

Tucker, M. and Miles, G. (2004) ‘Financial performance of selected microfinance institutions: benchmarking progress to sustainability’, Journal of Microfinance 3(2): 41–54.

Wallace, T.D. and Hussain, A. (1969) ‘The use of error components models in combining cross-section and time series data’, Econometrica 37: 55–72.

World Bank (2008) Finance for All? Policies and Pitfalls in Expanding, Washington, DC: World Bank.

Zerai, B. and Rani, L. (2011) ‘Is there a trade-off between outreach and sustainability of microfinance institutions? Evidence from Indian microfinance institutions’, Research Journal of Finance and Accounting 2(11): 2,222–847.

Adhikary, S. and Papachristou, G. (2014) ‘Is there a trade-off between financial performance and outreach in South Asian microfinance institutions?’ The Journal of Development Areas 48(4): 381–402 <http://dx.doi:10.1353/jda.2014.0081>.

Adongo, J. and Stork, C. (2005) Factors Influencing the Financial Sustainability of Selected Microfinance Institutions in Namibia, NEPRU Research Paper, No. 39, Windhoek, Namibia: Namibian Economic Policy Research Unit.

African Union (2009) ‘Advancing the African microfinance sector, follow-up to the African Microfinance Roadmap’, paper presented at the Extraordinary Conference of African Ministers of Economy and Finance, CAME, Addis Ababa, Ethiopia, December 2009.

Agier, I. and Szafarz, A. (2013) ‘Microfinance and gender: is there a glass ceiling on loan size?’ World Development 42: 165–81 <http://dx.doi.org/10.1016/j.worlddev.2012.06.016>.

Andy, T. (2004) ‘The nature and causes of poverty: an overview’, in A.E. Neiland and C. Bene (eds.), Poverty and Small Scale Fisheries in West Africa, pp. 9–36, Netherlands: Springer.

Annim, S.K. (2012) ‘Targeting the poor versus financial sustainability and external funding: evidence of microfinance institutions in Ghana’, Journal of Development Entrepreneurship 17(3) <http://dx.doi:10.1142/S1084946712500161>.

Armendáriz, de Aghion B. and Morduch, J. (2010) The Economics of Microfinance, Cambridge, MA: The MIT Press.

Ayayi, A.G. and Sene, M. (2010) ‘What drives microfinance institutions’ financial sustainability?’, The Journal of Development Areas 44(1): 303–24 <http://dx.doi.org/10.1353/jda.0.0093>.

Balkenhol, B. (2007) Microfinance and Public Policy: Outreach, Performance and Efficiency, Geneva: ILO.

Bhatt, N. and Tang, S.Y. (2001) ‘Delivering microfinance in developing countries: controversies and policy perspectives’, Policy Studies Journal 29(2): 319–33.

Boehe, D.M. and Cruz, L.B. (2013) ‘Gender and microfinance performance: why does the institutional context matter?’, World Development 47: 121–35.

Bogan, V.L. (2012) ‘Capital structure and sustainability: an empirical study of microfinance institutions’, The Review of Economics and Statistics 94(4): 1045–58 <http://dx.doi/suppl/10.1162/REST_a_00223>.

Brau, J.C. and Woller, G.M. (2004) ‘Microfinance: a comprehensive review of the existing literature’, Journal of Entrepreneurial Finance and Business Ventures 9(1): 1–26.

Brooks, C. (2008) Introductory Econometrics for Finance, 3rd edn, Cambridge, UK: Cambridge University Press.

Buckley, G. (1997) ‘Microfinance in Africa: is it either the problem or the solution?’ World Development 25(7): 1081–93 <https://doi.org/10.1016/S0305-750X(97)00022-3>.

Christen, R.P. (2001) Commercialization and Mission Drift: The Transformation of Microfinance in Latin America, Technical Report 5, Washington, DC: Consultative Group to Assist the Poor.

Christen, R.P. and McDonald, J. (eds.) (1997) The Microbanking Bulletin Vol. II, Boulder, CO: The Economics Institute.

Conning, J. (1999) ‘Outreach, sustainability and leverage in monitored and peer monitored lending’, Journal of Development Economics 60(1): 51–77.

Coperstake, J., Dawson, P., Fanning, J.P., Mckey, A. and Wright-Revolledo, K. (2005) ‘Monitoring the diversity of the poverty outreach and impact of microfinance: a comparison of methods using data from Peru’, Development Policy Review 23(6): 703–23.

Crawford, A., Skully, M. and Tripe, D. (2011) Are Profitable Microfinance Programs Less Efficient at Reaching the Poor? A Case Study in Cambodia [online], Microfinance Gateway, CGAP <https://www.microfinancegateway.org/library/are-profitable-microfinance-programs-less-efficient-reaching-poor-case-study-cambodia> [accessed 12 September 2014].

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading micro banks’, Economic Journal 117: 107–33.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009) Does Regulatory Supervision Curtail Microfinance Profitability and Outreach? Washington, DC: World Bank.

De Haan, L. and Lakwo, A. (2010) ‘Rethinking the impact of microfinance in Africa: business change or social enterprise’, European Journal of Development Research 22(4): 529–45 <http://dx.doi:10.1075/ejdr.2010.32>.

D’Espallier, B., Guérin, I. and Mersland, R. (2011) ‘Women and repayment in microfinance: a global analysis’, World Development 39(5): 758–72 <http://dx.doi.org/10.1016/j.worlddev.2010.10.008>.

Ditcher, T. (1997) Appeasing the Gods of Sustainability: The Future of International NGOs in Microfinance, New York: St Martin’s Press.

Esperança, J.P., Gama, A.P.M. and Gulamhussen, M.A. (2003) ‘Corporate debt policy of small firms: an empirical re-examination’, Journal of Small Business and Enterprise Development 10(62): 62–80.

Fama, E. and French, K. (2002) ‘Testing trade-off and pecking order predictions about dividends and debts’, Review of Financial Studies 15(1): 1–33.

Galema, R. and Lensink, R. (2009) Microfinance Commercialization: Financially and Socially Optimal Investments, Working Paper, University of Groningen.

Gibbons, D. and Meehan, J. (2000) The Microcredit Summit’s Challenge: Working Towards Institutional Financial Self-Sufficiency while Maintaining a Commitment to Serving the Poorest Families, Mirzapur, India: CASHPOR Financial & Technical Services.

Green, H.W. (2003) Econometric Analysis, 5th edn, Upper Saddle River, NJ: Pearson Education International.

Hashemi, S. and Rosenberg, R. (2006) Graduating the Poor into Microfinance: Linking Safety Nets and Financial Services, Focus Note No. 34, Washington, DC: CGAP.

Hermes, N. and Lensink, R. (2007) ‘The empirics of microfinance: what do we know?’ The Economic Journal 117(517): F1–F10.

Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39(6): 938–48 <http://dx.doi:10.1016/j.worldev.2009.10.018>.

Hollis, A. and Sweetman, A. (1998) ‘Microcredit: what can we learn from the past?’ World Development 26: 1875–91.

Hollis, A. and Sweetman, A. (2001) ‘The life cycle of a microfinance institution: the Irish loan funds’, Journal of Economic Behaviour and Organization 46: 291–311.

Hudon, M. and Traca, D. (2011) ‘On the efficiency effects of subsidies in microfinance: an empirical enquiry’, World Development 39(6): 996–73 <http://dx.doi.10.1016/j.worlddev.2009.10.017>.

Hulme, D. and Mosley, P. (1996) Finance Against Poverty, vol. 1, New York: Routledge, pp. 16–26.

Hurwitz, I. and Luiz, J. (2007) ‘Urban working class credit usage and over-indebtedness in South Africa’, Journal of South African Studies 33(1): 107–31 <http://dx.doi/abs/10.1080/03057070601136616>.

Isern, J. and Porteous, D. (2005) Commercial Banks and Microfinance: Evolving Models for Success, Focus Note No. 28, Washington, DC: CGAP.

Kar, A.K. (2013) ‘Mission drift in microfinance: are the concerns really worrying? Recent cross country results’, International Review of Applied Economics 27(1): 44–60 <http://dx.doi.org/10.1080/02692171.2012.700701>.

Khandker, S.R. and Khalily, B. (1996) The Bangladesh Rural Advancement Committee’s Credit Programs: Performance and Sustainability, World Bank Discussion Paper No. 324, Washington, DC: World Bank.

Kipesha, E.F. and Zhang, X. (2013) ‘Sustainability, profitability and outreach trade-off: evidence from microfinance institutions in East Africa’, European Journal of Business and Management 5(8): 2,222–839.

Kosmidou, K. (2008) ‘The determinants of bank profits in Greece during the period of EU financial integration’, Managerial Finance 34(3): 146–59.

Lapenu, C. and Zeller, M. (2001) Distribution, Growth and Performance of Microfinance Institutions in Africa, Asia and Latin America, FCND Discussion Paper No. 114, Washington, DC, International Food Policy Research Institute (IFPRI).

Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: World Bank.

Makame, A.H. and Murinde, V. (2006) ‘Empirical findings on cognitive dissonance around microfinance outreach and sustainability’, unpublished paper, Birmingham, UK: University of Birmingham.

Makombe, I., Temba, E. and Kihombo, A. (2005) ‘Microcredit and women’s empowerment: evidence from the credit schemes for productive activities of women in Tanzania’, in V. Menon, P.R. Nair Gopinathan, and K.N. Noida (eds.), Alleviating Poverty: Case Studies of Local Level Linkages and Processes in Developing World, Kochi, India: Rainbow Publishers.

Mersland, R. and Strøm, R.Ø. (2009) ‘Performance and governance in microfinance institutions’, Journal of Banking and Finance 33(3): 662–9.

Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift’, World Development 38(1): 28–36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006>.

MIX (2010) Is Microfinance Growing too Fast? [pdf], MIX Data Brief No. 5 <https://www.themix.org/sites/default/files/publications/MIX%20Data%20Brief%205%20-%20Is%20microfinance%20growing%20too%20fast_0.pdf> [accessed 2 May 2017].

MIX and CGAP (2012) Sub-Saharan Africa Snapshot, February 2012.

Montgomery, H. and Weiss, J. (2005) Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America, ADB Institute Research Paper No 63, Tokyo: Asian Development Bank Institute.

Morduch, J. (1998) Does Microfinance Really Help the Poor? Evidence from Flagship Programs in Bangladesh, Washington, DC: World Bank.

Morduch, J. (1999) ‘The role of subsidies in microfinance: evidence from the Grameen Bank’, Journal of Development Economics 60(1): 229–48.

Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617–29.

Mori, N., Golesorkhi, S., Randoy, T. and Hermes, N. (2015) ‘Board composition and outreach performance of microfinance institutions: evidence from East Africa’, Strategic Change 24: 99–113.

Mundlak, Y. (1961) ‘Empirical production function free of management bias’, Journal of Farm Economics 43: 44–56.

Nyamsogoro, G. (2010) ‘Microfinance institutions in Tanzania: a review of growth and performance trends’, The Accountant Journal 26(3): 3–16.

Okumu, L.J. (2007) The Microfinance Industry in Uganda: Sustainability, Outreach and Regulation, PhD dissertation, University of Stellenbosch, South Africa.

Olivares-Polanco, F. (2005) ‘Commercialising microfinance and deepening outreach: empirical evidence from Latin America’, Journal of Microfinance 7: 47–69.

Otero, M. (1999) ‘Bringing development back into microfinance’, Journal of Microfinance 1(1): 8–19.

Otero, M. and Rhyne, E. (1994) The New World of Microenterprise Finance, Hartford, CT: Kumarian Press.

Quayes, S. (2012) ‘Depth of outreach and financial sustainability of microfinance institutions’, Applied Economics 44(26): 3,421–33 <http://dx.doi:10:1080/00036846.2011.577016>.

Rajan, R. and Zingale, L. (1995) ‘What do we know about capital structure? Some evidence from international data’, Journal of Finance 50: 1,421–60.

Robert, P. (2013) ‘The profit orientation of microfinance institutions and effective interest rates’, World Development 41: 120–31.

Robinson, M.S. (2001) The Microfinance Revolution: Sustainable Finance for the Poor, Washington, DC: World Bank and the Open Society Institute.

Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? Occasional Paper 15, Washington, DC: CGAP.

Schicks, J. (2013) ‘The sacrifices of micro-borrowers in Ghana: a consumer protection perspective on measuring over-indebtedness’, Journal of Development Studies 49(9): 1,238–55 <http://dx.doi.org/10.1080/00220388.2013.775421>.

Schreiner, M. (2000) ‘Credit scoring for microfinance: can it work?’ Journal of Microfinance 2: 105–18.

Tehelu, T.A. (2013) ‘Determinants of financial sustainability of microfinance institutions in East Africa’, European Journal of Business and Management 5(17): 2,222–839.

Tucker, M. and Miles, G. (2004) ‘Financial performance of selected microfinance institutions: benchmarking progress to sustainability’, Journal of Microfinance 3(2): 41–54.

Wallace, T.D. and Hussain, A. (1969) ‘The use of error components models in combining cross-section and time series data’, Econometrica 37: 55–72.

World Bank (2008) Finance for All? Policies and Pitfalls in Expanding, Washington, DC: World Bank.

Zerai, B. and Rani, L. (2011) ‘Is there a trade-off between outreach and sustainability of microfinance institutions? Evidence from Indian microfinance institutions’, Research Journal of Finance and Accounting 2(11): 2,222–847.

Adhikary, S. and Papachristou, G. (2014) ‘Is there a trade-off between financial performance and outreach in South Asian microfinance institutions?’ The Journal of Development Areas 48(4): 381–402 <http://dx.doi:10.1353/jda.2014.0081>.

Adongo, J. and Stork, C. (2005) Factors Influencing the Financial Sustainability of Selected Microfinance Institutions in Namibia, NEPRU Research Paper, No. 39, Windhoek, Namibia: Namibian Economic Policy Research Unit.

African Union (2009) ‘Advancing the African microfinance sector, follow-up to the African Microfinance Roadmap’, paper presented at the Extraordinary Conference of African Ministers of Economy and Finance, CAME, Addis Ababa, Ethiopia, December 2009.

Agier, I. and Szafarz, A. (2013) ‘Microfinance and gender: is there a glass ceiling on loan size?’ World Development 42: 165–81 <http://dx.doi.org/10.1016/j.worlddev.2012.06.016>.

Andy, T. (2004) ‘The nature and causes of poverty: an overview’, in A.E. Neiland and C. Bene (eds.), Poverty and Small Scale Fisheries in West Africa, pp. 9–36, Netherlands: Springer.

Annim, S.K. (2012) ‘Targeting the poor versus financial sustainability and external funding: evidence of microfinance institutions in Ghana’, Journal of Development Entrepreneurship 17(3) <http://dx.doi:10.1142/S1084946712500161>.

Armendáriz, de Aghion B. and Morduch, J. (2010) The Economics of Microfinance, Cambridge, MA: The MIT Press.

Ayayi, A.G. and Sene, M. (2010) ‘What drives microfinance institutions’ financial sustainability?’, The Journal of Development Areas 44(1): 303–24 <http://dx.doi.org/10.1353/jda.0.0093>.

Balkenhol, B. (2007) Microfinance and Public Policy: Outreach, Performance and Efficiency, Geneva: ILO.

Bhatt, N. and Tang, S.Y. (2001) ‘Delivering microfinance in developing countries: controversies and policy perspectives’, Policy Studies Journal 29(2): 319–33.

Boehe, D.M. and Cruz, L.B. (2013) ‘Gender and microfinance performance: why does the institutional context matter?’, World Development 47: 121–35.

Bogan, V.L. (2012) ‘Capital structure and sustainability: an empirical study of microfinance institutions’, The Review of Economics and Statistics 94(4): 1045–58 <http://dx.doi/suppl/10.1162/REST_a_00223>.

Brau, J.C. and Woller, G.M. (2004) ‘Microfinance: a comprehensive review of the existing literature’, Journal of Entrepreneurial Finance and Business Ventures 9(1): 1–26.

Brooks, C. (2008) Introductory Econometrics for Finance, 3rd edn, Cambridge, UK: Cambridge University Press.

Buckley, G. (1997) ‘Microfinance in Africa: is it either the problem or the solution?’ World Development 25(7): 1081–93 <https://doi.org/10.1016/S0305-750X(97)00022-3>.

Christen, R.P. (2001) Commercialization and Mission Drift: The Transformation of Microfinance in Latin America, Technical Report 5, Washington, DC: Consultative Group to Assist the Poor.

Christen, R.P. and McDonald, J. (eds.) (1997) The Microbanking Bulletin Vol. II, Boulder, CO: The Economics Institute.

Conning, J. (1999) ‘Outreach, sustainability and leverage in monitored and peer monitored lending’, Journal of Development Economics 60(1): 51–77.

Coperstake, J., Dawson, P., Fanning, J.P., Mckey, A. and Wright-Revolledo, K. (2005) ‘Monitoring the diversity of the poverty outreach and impact of microfinance: a comparison of methods using data from Peru’, Development Policy Review 23(6): 703–23.

Crawford, A., Skully, M. and Tripe, D. (2011) Are Profitable Microfinance Programs Less Efficient at Reaching the Poor? A Case Study in Cambodia [online], Microfinance Gateway, CGAP <https://www.microfinancegateway.org/library/are-profitable-microfinance-programs-less-efficient-reaching-poor-case-study-cambodia> [accessed 12 September 2014].

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading micro banks’, Economic Journal 117: 107–33.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009) Does Regulatory Supervision Curtail Microfinance Profitability and Outreach? Washington, DC: World Bank.

De Haan, L. and Lakwo, A. (2010) ‘Rethinking the impact of microfinance in Africa: business change or social enterprise’, European Journal of Development Research 22(4): 529–45 <http://dx.doi:10.1075/ejdr.2010.32>.

D’Espallier, B., Guérin, I. and Mersland, R. (2011) ‘Women and repayment in microfinance: a global analysis’, World Development 39(5): 758–72 <http://dx.doi.org/10.1016/j.worlddev.2010.10.008>.

Ditcher, T. (1997) Appeasing the Gods of Sustainability: The Future of International NGOs in Microfinance, New York: St Martin’s Press.

Esperança, J.P., Gama, A.P.M. and Gulamhussen, M.A. (2003) ‘Corporate debt policy of small firms: an empirical re-examination’, Journal of Small Business and Enterprise Development 10(62): 62–80.

Fama, E. and French, K. (2002) ‘Testing trade-off and pecking order predictions about dividends and debts’, Review of Financial Studies 15(1): 1–33.

Galema, R. and Lensink, R. (2009) Microfinance Commercialization: Financially and Socially Optimal Investments, Working Paper, University of Groningen.

Gibbons, D. and Meehan, J. (2000) The Microcredit Summit’s Challenge: Working Towards Institutional Financial Self-Sufficiency while Maintaining a Commitment to Serving the Poorest Families, Mirzapur, India: CASHPOR Financial & Technical Services.

Green, H.W. (2003) Econometric Analysis, 5th edn, Upper Saddle River, NJ: Pearson Education International.

Hashemi, S. and Rosenberg, R. (2006) Graduating the Poor into Microfinance: Linking Safety Nets and Financial Services, Focus Note No. 34, Washington, DC: CGAP.

Hermes, N. and Lensink, R. (2007) ‘The empirics of microfinance: what do we know?’ The Economic Journal 117(517): F1–F10.

Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39(6): 938–48 <http://dx.doi:10.1016/j.worldev.2009.10.018>.

Hollis, A. and Sweetman, A. (1998) ‘Microcredit: what can we learn from the past?’ World Development 26: 1875–91.

Hollis, A. and Sweetman, A. (2001) ‘The life cycle of a microfinance institution: the Irish loan funds’, Journal of Economic Behaviour and Organization 46: 291–311.

Hudon, M. and Traca, D. (2011) ‘On the efficiency effects of subsidies in microfinance: an empirical enquiry’, World Development 39(6): 996–73 <http://dx.doi.10.1016/j.worlddev.2009.10.017>.

Hulme, D. and Mosley, P. (1996) Finance Against Poverty, vol. 1, New York: Routledge, pp. 16–26.

Hurwitz, I. and Luiz, J. (2007) ‘Urban working class credit usage and over-indebtedness in South Africa’, Journal of South African Studies 33(1): 107–31 <http://dx.doi/abs/10.1080/03057070601136616>.

Isern, J. and Porteous, D. (2005) Commercial Banks and Microfinance: Evolving Models for Success, Focus Note No. 28, Washington, DC: CGAP.

Kar, A.K. (2013) ‘Mission drift in microfinance: are the concerns really worrying? Recent cross country results’, International Review of Applied Economics 27(1): 44–60 <http://dx.doi.org/10.1080/02692171.2012.700701>.

Khandker, S.R. and Khalily, B. (1996) The Bangladesh Rural Advancement Committee’s Credit Programs: Performance and Sustainability, World Bank Discussion Paper No. 324, Washington, DC: World Bank.

Kipesha, E.F. and Zhang, X. (2013) ‘Sustainability, profitability and outreach trade-off: evidence from microfinance institutions in East Africa’, European Journal of Business and Management 5(8): 2,222–839.

Kosmidou, K. (2008) ‘The determinants of bank profits in Greece during the period of EU financial integration’, Managerial Finance 34(3): 146–59.

Lapenu, C. and Zeller, M. (2001) Distribution, Growth and Performance of Microfinance Institutions in Africa, Asia and Latin America, FCND Discussion Paper No. 114, Washington, DC, International Food Policy Research Institute (IFPRI).

Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: World Bank.

Makame, A.H. and Murinde, V. (2006) ‘Empirical findings on cognitive dissonance around microfinance outreach and sustainability’, unpublished paper, Birmingham, UK: University of Birmingham.

Makombe, I., Temba, E. and Kihombo, A. (2005) ‘Microcredit and women’s empowerment: evidence from the credit schemes for productive activities of women in Tanzania’, in V. Menon, P.R. Nair Gopinathan, and K.N. Noida (eds.), Alleviating Poverty: Case Studies of Local Level Linkages and Processes in Developing World, Kochi, India: Rainbow Publishers.

Mersland, R. and Strøm, R.Ø. (2009) ‘Performance and governance in microfinance institutions’, Journal of Banking and Finance 33(3): 662–9.

Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift’, World Development 38(1): 28–36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006>.

MIX (2010) Is Microfinance Growing too Fast? [pdf], MIX Data Brief No. 5 <https://www.themix.org/sites/default/files/publications/MIX%20Data%20Brief%205%20-%20Is%20microfinance%20growing%20too%20fast_0.pdf> [accessed 2 May 2017].

MIX and CGAP (2012) Sub-Saharan Africa Snapshot, February 2012.

Montgomery, H. and Weiss, J. (2005) Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America, ADB Institute Research Paper No 63, Tokyo: Asian Development Bank Institute.

Morduch, J. (1998) Does Microfinance Really Help the Poor? Evidence from Flagship Programs in Bangladesh, Washington, DC: World Bank.

Morduch, J. (1999) ‘The role of subsidies in microfinance: evidence from the Grameen Bank’, Journal of Development Economics 60(1): 229–48.

Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617–29.

Mori, N., Golesorkhi, S., Randoy, T. and Hermes, N. (2015) ‘Board composition and outreach performance of microfinance institutions: evidence from East Africa’, Strategic Change 24: 99–113.

Mundlak, Y. (1961) ‘Empirical production function free of management bias’, Journal of Farm Economics 43: 44–56.

Nyamsogoro, G. (2010) ‘Microfinance institutions in Tanzania: a review of growth and performance trends’, The Accountant Journal 26(3): 3–16.

Okumu, L.J. (2007) The Microfinance Industry in Uganda: Sustainability, Outreach and Regulation, PhD dissertation, University of Stellenbosch, South Africa.

Olivares-Polanco, F. (2005) ‘Commercialising microfinance and deepening outreach: empirical evidence from Latin America’, Journal of Microfinance 7: 47–69.

Otero, M. (1999) ‘Bringing development back into microfinance’, Journal of Microfinance 1(1): 8–19.

Otero, M. and Rhyne, E. (1994) The New World of Microenterprise Finance, Hartford, CT: Kumarian Press.

Quayes, S. (2012) ‘Depth of outreach and financial sustainability of microfinance institutions’, Applied Economics 44(26): 3,421–33 <http://dx.doi:10:1080/00036846.2011.577016>.

Rajan, R. and Zingale, L. (1995) ‘What do we know about capital structure? Some evidence from international data’, Journal of Finance 50: 1,421–60.

Robert, P. (2013) ‘The profit orientation of microfinance institutions and effective interest rates’, World Development 41: 120–31.

Robinson, M.S. (2001) The Microfinance Revolution: Sustainable Finance for the Poor, Washington, DC: World Bank and the Open Society Institute.

Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? Occasional Paper 15, Washington, DC: CGAP.

Schicks, J. (2013) ‘The sacrifices of micro-borrowers in Ghana: a consumer protection perspective on measuring over-indebtedness’, Journal of Development Studies 49(9): 1,238–55 <http://dx.doi.org/10.1080/00220388.2013.775421>.

Schreiner, M. (2000) ‘Credit scoring for microfinance: can it work?’ Journal of Microfinance 2: 105–18.

Tehelu, T.A. (2013) ‘Determinants of financial sustainability of microfinance institutions in East Africa’, European Journal of Business and Management 5(17): 2,222–839.

Tucker, M. and Miles, G. (2004) ‘Financial performance of selected microfinance institutions: benchmarking progress to sustainability’, Journal of Microfinance 3(2): 41–54.

Wallace, T.D. and Hussain, A. (1969) ‘The use of error components models in combining cross-section and time series data’, Econometrica 37: 55–72.

World Bank (2008) Finance for All? Policies and Pitfalls in Expanding, Washington, DC: World Bank.

Zerai, B. and Rani, L. (2011) ‘Is there a trade-off between outreach and sustainability of microfinance institutions? Evidence from Indian microfinance institutions’, Research Journal of Finance and Accounting 2(11): 2,222–847.